-- this special report from ABC. Look what I'm Dan -- -- -- with a CBC news digital special reports. President Obama is in NORTHERN IRELAND today to meet the world leaders -- G-8 summit. President is expected to talk a possible transatlantic free trade agreement and before he takes the podium let's listen to British prime minister David Cameron is kicking off some. Between the European Union and the United States of America. A deal that could add as much as a hundred billion -- to the EU economy. Eighteen billion plans to the US economy -- as much as 85 billion plans to the rest of the world. That we should be clear about what these numbers could really me. Two million extra jobs. More choice and prices -- shops quit talking about what could be the biggest bilateral trade deal in history. A deal that would have a greater impact than all the other trade deals on the table put together. When we last met at Camp David in the G-8 and we first suggested we could reach this moment here in -- and many -- -- it would be possible. Everyone knows these trade deals a difficult some take years to get off the ground and some never happen until. So it's a testament to the leadership in the political will of everyone here that we've reached this point we must maintain that political will in the months ahead. This is -- eight once in a generation prize and we are determined to -- it. President Boris object might well equity. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Today announced it -- stop negotiations over a comprehensive -- Atlantic trade and investment partnership agreement. And frankly. Two years ago. Very fuel that bet that today it will be in the position to allow -- negotiations. -- an ambitious. European Union United States free trade agreement. The teams of the European Commission not -- states -- meet for the first round of negotiations. Next month's. He too big stop of a song and the taking of real strategic importance. I would joined -- debris -- of our overall agenda for -- and jobs. To both sides of the Atlantic by boosting trade -- investment. It is also powerful demonstration. Of all determination to shoulder to shape an open rules by -- global. We intend to move forward frost. We can't say that neither of us who -- up confidence for the sake of speed the content to make rapid progress. I don't -- to make a court challenge. Moving -- -- it -- -- -- -- -- And the threats and harmful effect albeit behind -- border trade barriers. Huge economic benefits are expected from reducing rep today. At -- divergent regulations -- future. I would rather apparent power companies investing new you know -- -- products and services and job creation. That -- doubled -- -- -- people inspections. Are even separate manufacturing lines. Howard who does need to build bridges -- there and more systematically. The current economic climate requires us to join forces and to do more -- -- More importantly -- doing so will remain strong global players set to stand that's what -- that if a century. Therefore I call I don't know allegedly took us Europeans -- special Egyptian parliament. Our regulators. -- to society. To play a constructive and gates bought in these negotiations. To business communities on both sides of the Atlantic. In particular have been this strong advocate. Of free trade and investment between Europe and the United States. And this is also -- for the rest of the world. Even the integrated supply chains in today's global markets everyone can benefit from this agreement. It directing to look to most developed most sophisticated. Benson to lead the largest economies in the world can never be an easy task. But you'll find convincing get some answers. -- legitimate concerns. We'll find solutions to solve issues we'll keep our eyes on the prize and you'll succeed. So even if these negotiations may not always be easy I'm sure they'll be what's it. For the sake of the jobs creates and because -- -- -- -- mention of look at doing. Direct the next chapter of what is our -- history. Also enforced by the sense that -- -- the same principles and those that principals own values of open economies and open societies. Thank you very much -- -- developer. Well and thank you very much David and good afternoon it's wonderful to be here. And locker and them thank you so much to the people of NORTHERN IRELAND for their warm hospitality and prime mister Cameron thank you for all the outstanding arrangements. Among things we'll discuss here promoting. New growth in jobs on both sides of the Atlantic and I'm pleased to join these leaders to announce the launch of negotiations on a new trade agreement that will help us do just that. The trans Atlantic trade and investment partnership. Also known as -- tip. -- -- affect not only the gentlemen on this stage but also. Presence -- long chancellor Merkel prime mister Lott and to -- Kenny -- -- and excellent meeting. And I'm proud to say that America will have captured host the first round negotiations next month. In Washington. As -- dimension the US EU relationship is the largest in the world. Makes up nearly half. Global GDP. We trade about a trillion dollars in goods and services each year. We invest nearly four trillion dollars in each other's economies. And all that supports. -- around thirteen million jobs on both sides -- And this potentially groundbreaking partnership would deepen those -- It would increase exports. -- spears trade and investment. As part of broader growth strategies and both our economy's export hundreds of thousands of jobs from both sides of the ocean so. I'm pleased to hear that this negotiation in -- the sport. Not only the countries that are here today. But also the broader EU membership. I can tell you there's been warmly received in the United States as well both in our congress and in our business community. And that broad support from both sides of the Atlantic will help us work through some the tough issues the -- been mentioned. They're going to be sensitivities. On both sides -- there -- going to be politics on both sides but if we can look beyond. -- concerns to stay focused on the big picture. The economic and strategic importance of this partnership. I'm hopeful we can achieve the kind of high standard comprehensive agreement. That the global trading system is looking to us to -- America and Europe have done. Extraordinary things together before and I believe we can -- economic alliance as strong as our diplomatic. And security alliances. Which of course have been the most powerful in history and by doing that we can also strengthen the multilateral trading system. So this transatlantic trade and investment partnership is going to be a priority of mine and my administration. It is important we got -- right. And that means resisting the temptation to downsize our ambitions or -- tough issues just for the sake of getting a deal. And that make sure also. It's important we also make sure that it's part of an overall plan to do what it -- most growth and jobs trade is critical. But it is not alone a silver bullet -- be part of a comprehensive strategy that we pursue on both sides. Of the Atlantic that's what are people deserve. I very much look forward to working -- my fellow leaders to make it happen -- -- Give a strong mandate to our negotiators but occasionally I suspect we're gonna have to. -- -- and and breakthrough smaller -- nevertheless I'm confident that we can we can get it done so thank you very much. Thank you -- and figured out that at and amp from the president of the European council and venerable -- Good afternoon -- gentlemen. This is a special moment at the -- cost you or US cemetery presumed Obama we jointly decided to -- If launching such historic negotiations would be possible. -- -- And now we can already start to talks. A year and a half ago we were not even sure to place had Abdul war. And no we are entering the negotiating room together. It's a sign -- the stone -- on both sides. This February in new European council -- European heads of state and government agreed to rate in this report. For a comprehensive trade and investment in which the United States. -- but it is signaled formalized lost Friday. When ministers ended -- Irish presidency. Former league game Tuesday EU negotiators to green light to stop the talks. It showed the political -- to work together. To work together with our long standing -- most trustee bought them. All the essential objective for governments on either side of the Atlantic. -- -- -- and prosperity. We don't know -- there are no magic solutions. Recent economic problems and alliances but we cannot expect to -- new shops -- and we -- and to -- seats -- jumps off tomorrow. And that's exactly what to trade agreement is about. Together Europe and the United States the backbone of the world economy. Opening -- that space for the -- opportunities for business and consumers is simply common sense. They'll adjust our economist but also adults -- trading partners would benefit. -- positive ramifications would even go beyond the economy as such. We are making our economies all over the world more into dependents and -- will make the world safe. What's at -- at stake -- transatlantic free trade area -- to enshrined. Europe and America's roar as the world's standards -- -- beyond product specifications by sending a positive force. It chipping away -- work and -- our daily lives. These days off key strategic significance -- gentlemen the Atlantic is not the cost. It games also. The fuchsia. And that's why we impatient to stopped. -- we know that negotiations won't be as small draw it -- -- there are and will be sensitive issues on each side. Which flexibility. Open mindedness. And some creativity into greatest -- for negotiate -- and statesman I'm confident we would find solutions. That is too much at stake. We're finding solutions built on it because we -- degrade benefit it would bring. Not only because we shed the same rules based approach at all and a brawl. In these mountains but also because trade -- one. Vital -- -- over all the relationship. It would without trans Atlantic destiny's. You can -- -- to get. The relaunch of negotiations therefore -- for continue to common commitment to engagement -- children in -- -- to engage with the world. The EU and its member states already doing DH and look -- what to -- new trade landscape. -- and shape which shape. Together thank you. Thank you very much heaven will be that welcoming me I guess to the G-8 and we'll be taking questions at the end of the G-8 at the end of our discussions thank you very much bigger. It is for the world leaders there that are attending the G-8 summit in NORTHERN IRELAND today President Obama along with. British prime minister David Cameron hosting the summit along with the president of the European Commission president of the European council. First and foremost big announcements that are coming that there's comprehensive trade agreement in the works -- -- from the European Union and also from US interest. The details of that agreement will be coming out as that summit gets under way but right now -- -- -- ABC's Devin Dwyer Washington DC to gives a previous topics for this year's summit Devin obviously. The big headline coming about this comprehensive trade agreement. Is that the biggest bad piece of agenda be. -- that component on this agenda for the summit. Brown are not. Really again but -- but they certainly want to make it be the big piece here you heard a prime minister Cameron say this is a landmark deal. Great for both countries President Obama Italian -- a long way to go on the trade deal by the way they had just agreed to start negotiating so there's. -- going to be some time until the details on that are hashed out but. Of course the biggest issue on the table here Syria. And in Russia joining in that conversation with with the US Germany UK and others and and that we'll get started later today they're gonna have dinner together where the topic is foreign policy. Well and now let's see if we can elaborate a little bit on that because Siri is going to be brought up as you mention the fact of the matter is is that Russian president Vladimir Putin has a pretty strong words. For the rest of the G-8 countries -- -- about. They about Russia's position in supporting Bashar Al -- regime. That's right he did he made a bold public statement earlier today alongside prime minister Cameron ahead of this meeting of course. And the US just last week President Obama announced that the US is -- -- can begin giving small arms to the Syrian rebels after determining that some. -- chemical weapons had been used Russia. Has come out of opposing and you heard the prime minister saying -- -- couldn't believe that the US would. The arming these people who would eat their own intestines. So sharp towards -- -- Here a variety and he had an incredibly graphic as. As -- President Putin is now not a -- that mince words. Certainly an interesting. Conversation that's going to be taking place between President Obama and President Putin because it's it's very rare that the two of those. Gentlemen -- -- together. Right and this is their first meeting -- now -- over a year and and head of this kind of this recent -- -- serious things had started to warm up just a little bit between them. But certainly back to some frosty relations -- one interest in -- in the British paper the sun. A reported this morning that both men actually wouldn't even agree to share the same gym together. At the exclusive resort they're at they had a standoff over that neither one wanted to be in the gym at the same time so. -- school yeah approved Putin's gonna take a swim in the lake nearby and now the president won't be on the elliptical. -- just admit there's only one elliptical machine and that it might have to you know flip for it. That's -- a serious note that the guardian newspaper is reporting that another -- From Edwards though it has come out of the British government had in fact spied on for diplomats at the 2009 G-20 summit. Didn't you have to speculate that in fact that is going to be brought up in the halls of this G-8 summit. Right that's another big cloud hanging over this whole lot summit that you point out is is to leaks that are still coming. From that former and -- -- work her contractor rather -- Edwards noted and he did reveal. Just today in the guardian paper that did the US in the UK and others were surveilling the Russians at a at a summit in 2009 so. I don't think anybody is under any illusions that that both sides are trying to do little to spying at these things but. The fact that its front page news is just as one more element to add to some of this tension. Maybe Arizona State -- state it is face to face not necessarily talking into their lapel assortment that's right -- -- leaving their hotel rooms acts are closely exactly all right ABC's Devin Dwyer reports from Washington DC -- thanks much for coming your insight. Of course you can follow the very latest on the president's. Speech at the G-8 summit and the entire G-8 -- will be covered on abcnews.com. For now I'm Dan Butler New York. With this ABC news digital special report. This has been a special report from the.

This transcript has been automatically generated and may not be 100% accurate.

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